The Hollywood Foreign Press Association announced through email that the Golden Globes will be replaced by a live news conference announcing the winners. Twenty million people tuned in to watch the star-studded ceremony last year, which usually airs on NBC.

In the 10th week of the WGA strike, Hollywood stars were swayed to boycott the GoldenGlobes, bringing about the question of the Oscars, which is scheduled to air February 24 on ABC.

According to Jack Kyser, the Globes generate $50 to $70 million in local spending, and the Academy Awards ceremony gives the economy a boost of $130 million. So far, the strike has cost the Southern California economy $1.4 billion.

The show usually draws in $15 to $20 million in ad revenue by airing the three-hour ceremony, according to Variety via Entertainment Weekly. However, this year, the network is settling for just a one hour conference, and most likely at a lower rate than would have been charged. The newscast is also presumed to bring about fewer ratings.

Not to mention the after-parties, ranging from $350,000 to $750,000, which have mostly been paid ahead of time-- meaning, no cancellation refunds. NBC Universal-Focus, HBO, and Warner Brothers-InStyle parties have already been canceled, and others will probably drop the ball on their glamorous gatherings as well.

The worst part of it all? Not knowing what the stars would have worn to this big soiree.